Snyder promotes loan program to repair flood damage
Southgate — Gov. Rick Snyder and Downriver community leaders joined Huntington Bank officials Monday to launch a loan program for home and business owners affected by August’s flooding.
The officials made the announcement during a media conference held at the Downriver Community Conference Center in Southgate. Loans are available for homeowners from $3,000 to $25,000 with an interest rate of 7.99 percent for up to 60 months.
“Huntington Bank has already made significant donations to the Red Cross to help (with the flood relief effort),” the governor said. “And it’s is stepping up today to help with loans.”
Synder was joined by Huntington Bank East Michigan President Mike Fezzey, several municipal officials, including Dearborn Mayor John O’Reilly and Southgate Mayor Joseph Kuspa, as well as representatives of the Federal Emergency Management Agency and the Michigan State Police.
Fezzey said the loans are intended to complement federal disaster relief and are available to home and business owners in Macomb, Oakland and Wayne counties.
“We felt there still might be a gap if people fell through the cracks or didn’t qualify (for help from FEMA),” he said. “So we’re announcing a significant loan program that’s aimed at people who are still suffering from the devastation.”
Southgate’s Kuspa said he thinks the program will be a big help to people who don’t qualify for aid from federal programs.
“It’s one more option that can help people return to normalcy,” he said. “We’re pleased banks are stepping up.”
FEMA has approved nearly $80 million in aid since President Barack Obama declared an emergency for areas in southeast Michigan affected by August’s flooding. The U.S. Small Business Administration also has approved more than $14 million in disaster loans for homeowners, renters and businesses in the area.
For information about Huntington Bank’s flood disaster relief loans, call (866) 375-6501.
FEMA’s deadline for registering to apply for disaster relief is Nov. 24. To register, call (800) 621-3362 or visit www.fema.gov.
“We don’t want to miss anyone,” Snyder said. “If you haven’t registered (with FEMA) for assistance already, please do.